California’s proposed ‘billionaire tax’ fails to pass

California’s proposed ‘billionaire tax’ fails to pass

California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.

techcrunch.com/2026/11/09/californias-proposed-billionaire-tax-fails-to-pass/